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Barlcays Lowers Brent 2024 Forecast to $85/bbl

OIL

The Brent crude forecast for 2024 has been cut by $8/bbl to $85/bbl on higher than expected inventories according to Barclays via Bloomberg.

  • The forecast suggests upside from current levels with a pick up in demand momentum and with slowing non-OPEC+ supply growth.
  • OPEC+ will take longer than anticipated to normalize its spare production capacity.
  • Elevated spare production capacity is helping limit the price reaction to Middle East events.

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